As part of its bid to expand into the travel sector and to become a one-stop lifestyle solution, PTT Oil and Retail Business Public Company Limited (“OR”) will invest in Traveloka, through its subsidiary, PTTOR International Holdings (Singapore) Pte Ltd.
Its website describes PTTOR as engaging “in the oil and retail business together with related businesses” as well as “lends support to and nurtures SMEs engaging in the oil and retail businesses while promoting engagement in developing a good quality of life for society and communities.”
Terms of the deal were not disclosed in the release, announcing the signing of the collaboration agreement between Ferry Unardi, co-founder and CEO of Traveloka, and Jiraphon Kawswat, president and CEO of OR.
With tourism one of the main economic pillars of Thailand, OR believes that the collaboration would provide additional lifestyle solutions to OR customers in line with its strategy to become a one-stop solution for all lifestyles.
Subscribe to our newsletter below
“The travel sector in Thailand and Southeast Asia has enjoyed high growth rates, prior to the COVID-19 pandemic and is expected to rebound quickly following the easing of travel restrictions, and the recovery in travel demand,” it says.
Both companies say the collaboration will provide growth opportunities in domestic and international markets in accordance with OR’s strategy to focus on Outside-In Growth.
“OR foresees many opportunities and possibilities that we can realize from this collaboration. Not only can this partnership provide new opportunities to OR in the travel sector, it can also provide additional venues for OR’s existing partners and business alliances to grow together with OR and to deliver greater offerings and experiences to OR customers.
“Given Traveloka’s position as a leading online platform for travel and lifestyle services in Southeast Asia, as well as its strong technology capabilities, I believe there is a range of areas OR can explore together with Traveloka, to further enhance our tech capabilities”, says Jiraphon.
On Traveloka’s part, Unardi says: “We see immense value from the collaboration as we see the region growing at a rapid pace, leading to greater opportunities in the industry. We are excited to work with OR, with its expertise in creating great businesses with a customer-focused approach, to capture the demand and provide enhanced solutions to our customers, while also creating new opportunities for our merchant-partners in Thailand and the region.”
* This article originally appeared on WebInTravel